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on the horizon. the united states is also currently a threat. the immediate concern is, many of you know that, is that under the current law there would be a dramatic tightening equal to about 4% of gdp. that's what is, refer to as the fiscal cliff. and that is good. it entails a contraction of 2% of gdp, and that is not good at all, especially if you consider the forecast of growth of the united states is pretty much in the range of 2%. so that is a racing any growth in the united states, would be the consequence of not dealing with the fiscal cliff and not dealing with the debt ceiling, which are both looming threats on the very short-term horizon. and it's not a threat just for the united states of america. it's the threat for the global economy, given the size of the u.s. economy and its linkages with many other countries around the globe. so we all hope that despite political calendars, which anywhere in the world, have a degree of unpredictability there will soon be enough political clarity and now political gains in order to actually focus on removing this uncertainty and making sure t
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